Shares of sports camera maker GoPro jump nearly 30 per cent in stock market debut
NEW YORK, N.Y. - Wall Street has a taste for adventure.
Investors sent shares of GoPro Inc. up more than 30 per cent in their stock market debut Thursday, following an initial public offering that valued the sports camera maker at about $3 billion.
The company makes wearable sports cameras that are used by skydivers, surfers and other extreme sports fans to film themselves as they create first-person videos that capture the experience as they saw it. The cameras, which are light and waterproof, cost between $200 and $400. It also sells accessories such as cases, battery packs and mounts that help users attach their cameras to surfboards, helmets or their wrists. Users can download a free app or computer software to edit, store and publish their videos to their social media accounts, including Facebook, Instagram, Twitter and YouTube.
GoPro had the bestselling camcorder last year, according to government paperwork filed by the company. Its revenue jumped to $985.7 million in 2013, nearly double what it was a year earlier. However, in the first three months of 2014, revenue fell 7.6 per cent to $235.7 million from a year ago.
With its IPO, GoPro and selling shareholders raised $427 million after selling 17.8 million shares at $24 each. The San Mateo, California, company plans to use its share of the money raised to pay down debt.
GoPro shares rose $7.73, or 32 per cent, to $31.73 in afternoon trading Thursday after rising as high as $33 earlier.
GoPro shares are trading on the Nasdaq stock exchange under the symbol "GPRO."
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